Understanding Commercial Auto Insurance In Ontario
A commercial automobile is any vehicle that may be used for business, or anything that can’t be covered through a personal auto policy. These vehicles are usually tied to some form of income, whether it’s carrying tools, equipment, food, or livestock. In more or less words, a commercial automobile is any vehicle that’s not your typical everyday commuter vehicle.
As a result, it is important to ensure that these vehicles are insured.
How Does Commercial Auto Insurance Work In Ontario?
Commercial auto insurance is rated more so on classes of business and radius of operations. For example, if you’re a general contractor, your vehicle would be rated differently than somebody hauling livestock or a photographer. If you were operating within a 40km radius your premiums might look different than somebody operating within a 500km radius because you’d be on the road less, which means less risk, theoretically.
There can also be situations where there is equipment attached to a vehicle. This would play a role in determining the level and cost of insurance. When it comes to cost, it really does depend on the type of driver (Do they have convictions? Do they have any outstanding claims? Do they have experience driving heavy vehicles?), vehicle and the type of operation.
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